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Audit Committee

Objectives

Represent the AAA Executive Board in overseeing the establishment and implementation of appropriate accounting policies and internal controls, with focus on assuring that proper stewardship is placed over the AAA’s assets and protection of its reputation through fiscal transparency. To assess the business risks and determine whether there is adequate planning for those risks. To monitor the roles of the board, management and internal and external auditors in order to ensure that good financial governance practices are followed. To review and recommend to the AAA Executive Board the acceptance of the external audit report.

Duration of Committee

Permanent

Committee Reports to

AAA Executive Board

Responsibilities

  • Review the adequacy of the AAA’s internal financial control structure.
  • Monitor compliance with the AAA’s code of conduct and conflict-of-interest policy.
  • Review, with the organization’s counsel, any legal matters that could have a significant effect on AAA’s financial statements.
  • In collaboration with the AAA Treasurer, review the overall performance of the external auditor, recommend appointment or reappointment of same to the AAA Executive Board.
  • Review or approve the contracting for any non-audit services provided by the independent auditor.
    • Work with the independent auditor on such matters as:
    • Review the scope and approach of the audit proposed by the independent auditor;
    • Conduct a post-audit review of the financial statements and audit findings, including any significant suggestions for improvements provided to management by the independent auditor;
    • Review and recommend the acceptance of the external audit report to the AAA Executive Board;
    • Review the Form 990 that is filed with the Internal Revenue Service.
  • Annually present the results of the audit to the Finance Committee.
  • Perform other oversight functions as requested by the AAA Executive Board.

Membership and Appointment

  • Three individuals selected and appointed by the AAA President for expertise in business and finance and a good understanding of internal control issues.
  • Chair to be appointed by the AAA President.
  • One member to be chosen from the Finance Committee, one from the Executive Board and one from the financial community at-large. This third individual is to be selected principally for their specific knowledge of not-for-profit accounting and business issues.

Term of Office

For the Finance Committee and Executive Board members, their term of office will correspond to the terms held on the other Committees. The member from the financial community at-large will serve a 3-year term.

Product

Develop reports, policy statements, and recommend actions to Executive Board

Meetings and Schedule

Semiannually: pre-audit and post-audit for the year ending December 31.

Staff Liaison

Laura Roznovsky, Director of Operations & Finance, American Anthropological Association.

Contact Information

2300 Clarendon Blvd., Suite 210, Arlington, VA 22201, Phone: (703) 528-1902, ext. 1161, Fax: (703) 528-3546.

Committee Links

We want to express our concern for our members and colleagues in the potentially affected areas as we monitor Hurricane Milton. As we approach our Annual Meeting scheduled for November 20-23, we will keep you updated on any developments and how they may impact our plans in Tampa. In the meantime, we hope everyone stays safe and takes the necessary precautions.

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